Governor Murphy’s Executive Order 123 has mandated a 90-day grace period on all property, casualty and life insurance premiums. It also requires a 60-day grace period for all health and dental insurance premiums. The order notes that these grace periods might be extended “as necessary.”
The order also states the Department of Banking and Insurance (DOBI) Commissioner will direct the amortization of unpaid premiums over an unspecified period of time, once the coronavirus crisis has passed.